Franchise Spotlight: Home Improvement
Demand for home improvement services is underpinned by two powerful incentives: comfort and value.
The Canadian home improvement industry generates around $50bn in annual sales, according to Statista.
The global market research outfit also revealed that more than one in five Canadians visit home improvement and DIY stores monthly, while Ipsos statistics show that 73% have carried out a home renovation project at some point.
Homeowners have two powerful motives for investing in home improvements (and residential landlords have one), which could involve visiting a hardware shop, buying furniture, investing in self-storage and installing new flooring, windows, kitchens or bathrooms.
Firstly, there’s a huge incentive to make their living space as comfortable and enjoyable as possible.
Secondly, their home is probably their most valuable asset, and renovations can increase its value well beyond the cost of doing the improvements.
Franchise industry analysis
Depending on the franchise system, you may or may not need specific industry experience to become a franchisee. Some require sales or management experience, while others prioritize attributes like motivation, people skills and entrepreneurial flair.
For those who make the grade, the franchising model offers benefits such as a reputable brand, training and support, and the buying power of a large network.
Ideal Siding says it’s Canada’s fastest-growing company in North America’s $60bn siding renovation market.
Franchisees, it says, require no office or warehouse, and are given ten client appointments in their very first week and beyond.
ProGreen Canada installs synthetic turf for playgrounds, sports pitches, and golf courses, as well as private residences.
Part of a dealer network, franchisees benefit from low overheads and ongoing support from an in-house personal consultant, says the franchisor.
Red-E-Bins rents out dumpsters for residential and commercial customers, and says it keeps prices low by recycling where possible.
The franchisor says the investment level is also comparatively modest and gets you into North America’s $81bn waste removal sector, which has a strong industry growth rate.